UP 1Q earnings beat Street

Union Pacific Thursday reported net income of $957 million, or $2.03 per share, in the first quarter of 2013, up from $863 million, or $1.79 a share, in the first quarter of 2012. The results also beat Wall Street consensus earnings estimates of $1.95 a share.

Revenue rose 3.5% to $5.29 billion, UP said, beating estimates of $5.21 billion. UP's operating ratio improved to 69.1% from 70.5% in the first quarter of last year.

UP reported its gains despite continued lower shipments of coal. "We efficiently managed our operations in the face of dynamic volume shifts across the network," CEO Jack Koraleski said in a statement. "While there is still much uncertainty in the year ahead, our diverse franchise supports our continued focus on profitable growth."

Shares of Union Pacific were worth $143.17, up roughly 4.6%, in trading on the New York Stock Exchange near noontime Thursday—a new 52-week high. UP has a market capitalization of $65.39 billion; its shares were up 8.9% year-to-date as of the close of trading on April 17.